Volvo Car Corp. announced Friday it will build two manufacturing bases in the west China city of Chengdu and northeastern Daqing over the next five years in an ambitious expansion that aims for car sales in China of 200,000 by 2015.

"China is Volvo's second home ground and plays a vital role in Volvo's success," said Volvo chief executive officer and president Stefan Jacoby at a press briefing in Beijing.

"Our goal is to clinch 20 percent of the Chinese luxury car market by 2015," he said.

Jacoby said the establishment of the two manufacturing bases was endorsed by Volvo's board of directors, but was yet to be approved by the Chinese government.

Last month, the Swedish automaker announced the establishment of its Chinese headquarters and an attached technology center in Shanghai.

Jacoby did not give details about the two plants, but sources familiar with the investment said the Chengdu manufacturing base would cost Volvo 5.4 billion yuan (about 820 million U.S. dollars).